Last Wednesday, the Senate voted to approve the Democratic tax cut proposal, which would extend the current tax cuts for those with adjusted gross income under $200,000 for singles or $250,000 for couples. House Republicans have a proposal on the table, which would extend Bush-era tax rates another year, for all income levels. Speaker John Boehner, R-Ohio, said he would allow the House to vote on the proposals next week.
To learn more read, House to Vote Next Week on Dueling Bush Tax Cut Extension Bills